1. Of those on account, 60% are received in the following month and 40% two months after sale. If monthly sales are budgeted as follows, what are the budgeted cash collections for March? $ January sales February sales March sales April sales Cash $50,000 $100,000 $100,000 80,000 Credit 500,000 400,000 600,000 700,000 Total $550,000 $500,000 $700,000 $780,000 Budgeted cash collections for March? Sales for March